5 Tips to Increase your Home’s Value
Your home is one of your greatest investments. It is important to keep up with its maintenance so it doesn’t fall apart while you’re still trying to use it. These improvements don’t have to break the bank and are likely to pay off in the long-run – if done correctly.
Follow these tips and see how easy it can be to increase your home’s value:
- Plan your Remodel: The quickest way to increase your home’s value is by making a plan. It is better to make improvements that serve a purpose, not on impulse. Start slowly. Make a list of the changes and updates you would like to make. Take the list and categorize it by cost, including your time and money. Be realistic. Prioritize the list and make a plan; do research or talk to a realtor to determine what sort of return the improvements may bring.
- Small Improvements can Really Pay off: Start by making two lists – upgrades to increase your home’s value and upgrades that make you happy. Upgrades to increase value may include: replacing old faucets, improving permanent lighting, and refinishing doors. Upgrades for you include: buying new furniture, updating the paint and revitalizing the window treatments. Stick to one upgrade per month and you will be happy with what you see, no matter how small the improvement may be.
- Upgrade the Kitchen: Ask any real estate expert what the No.1 upgrade with the greatest return is; I bet you already know the answer. The Kitchen. Do a mini-remodel. Paint the cupboards and the walls to revitalize the room. Add a splash of colour with a new backsplash. Update the appliances. Add extra counter space with a mobile island. The improvements don’t have to break the bank.
- Beautify your Bathroom: Don’t neglect the bathroom. There is a lot of wear and tear in this room in particular, so it is important to make upgrades when you can. Go granite or marble with your countertops; the counters in the bathroom are smaller, therefore less expensive than a new kitchen counter. Add warmth with new lighting. If you’re replacing the floors, why not add the wow factor with heated flooring.
- Curb Appeal Counts: Does your home look attractive, welcoming, and structurally sound at first glance? Make a list of ways to enhance the positive and eliminate the negative. Try to direct a visitor’s attention toward a beautiful front yard or an inviting front entrance. Take a digital photo of your home in black and white. When the colour is removed, the truth is amplified; the flaws become visible and it is easier to see where the changes need to be made.
Not matter how big are small, home improvements – if done correctly – can have a positive effect on your home’s value. If your mortgage is up for renewal, why not borrow a bit extra to pay for the improvements? Call Ronin Mortgage for more information on how to include the cost of your renovations in your next mortgage.